New Delhi, Dec. 6: Hyundai Motor India is raising the prices of the Accent, its upper mid-size sedan, by Rs 16,000 to offset rising steel prices.

“Prices have been increased only for the GVS variant. As a result of the price increase, the ex-showroom price of the Accent GVS will go up by Rs 16,000 to Rs 6,00,031 in Calcutta,” a company official said. The car is available for Rs 5,92,000 in New Delhi, Rs 6,14,655 in Mumbai and Rs 5,87,854 in Chennai.

“Input costs are negotiated on an annual target achievement basis with our vendors and the increase in prices is in line with our renegotiated terms with them,” HMIL president B. V. R. Subbu said. The recent surge in steel prices along with the rise in input costs has hit the bottomlines of auto companies.